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The news was announced via an email to users. The deposit option is available effective immediately.
DraftKings joins a growing list of New Jersey sports betting sites that accept PayPal.
The table below breaks out which operators are currently welcoming PayPal as a deposit method.
|Betting Sites||Accepts Paypal||Bonus (T&C's Apply)||URL|
|DraftKings Sportsbook||Yes||$25 free on signup. First bet matched up to $200 on deposit.||Draftkings.com/Sportsbook|
|FanDuel Sportsbook||Yes||Up to $100 on deposit||Sportsbook.Fanduel.com|
|SugarHouse Sportsbook||Yes||Up to $250 on deposit||PlaySugarhouse.com|
Payment processing has been among the chief dampeners of performance in New Jersey’s regulated online gambling market.
At launch, New Jersey’s legal online casino sites struggled with credit card decline rates exceeding 75 percent. While decline rates have softened in the five years since launch, they are still understood to hover near the 50 percent mark.
The issue: While online gambling is legal in New Jersey, many major card-issuing banks have decided not to allow transactions related to legal online casino and poker sites.
The general thought is that the perceived risk involved with the transactions outweighs the relatively limited financial upside for banks.
Legal sports betting sites in New Jersey have faced a similar hurdle driven by similar circumstances.
The upshot is a pressing need for alternative payment options that can rival the relatively friction-free experience of depositing by credit card.
The chart below – courtesy of Eilers & Krejcik Gaming – illustrates just how important non-credit card options have become in New Jersey’s online casino and poker market:
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